i'm abigail doolittle. this is "bloomberg best," your weekly review of analysis and interviews from bloomberg television around the world. let's start with a day by day look at the top headlines. the human cost of the coronavirus continued mounting as the week began, with reported cases nearing 75,000. and as expected more and more , companies are cutting revenue forecasts in light of the outbreak. on monday the warning came from apple. ♪ >> apple is the latest company to issue a virus-related guidance miss as the outbreak hits factory output and demand. the company says it has resumed operations in china, but ramping up more slowly than expected and that will constrain global iphone supply. >> apple had been looking at some of the revenues for the second quarter ending in march between $63 billion and $64 billion u.s. they have pointed out they are unlikely to meet that revenue forecast. they haven't of course issued a new one, but they have said production has come back online more slowly in china than ex

let's check in on the market story with abigail doolittle. ail: the story today is certainly risk on. the equity indexes around the world, lots of green on the screen. 0.4%, the nasdaq up 0.7%, the chip index up about 2% on hopes that the coronavirus situation in china, that tragedy, is not going to impact that supply chain for chips all that much. we also see the stoxx 600 in europe up, and during the asian session, the nikkei was especially strong in japan. as for what is beneath the seeace in the u.s., you can most sectors are higher, so investors are really going towards stocks. utilities, real estate, those are high dividend yielding stocks, so we will be talking a look at rates in a moment. when rates go higher, those dividends look less attractive. i was mentioning the strength for the technology and chips. there you see it with tech up 0.7%. helping the financials and hurting real estate and utilities, that is the 10 year yield, although right now it is unchanged. it had been higher. that would make those rates look less attractive and

for an update on the markets, we bring back abigail doolittle. s the fear of the democrats. abigail: certainly an interesting there it is. some people are talking about the fact that yesterday selloff could have had to do with bernie sanders big win in nevada. i would respectfully disagree with the president on this. in particular, he did not name sanders, but the idea that it was going toward that democratic socialism brand, i would disagree. he is taking advantage of the market selloff to float faulty logic in terms of stocks go down, crazy democrats. when he is running later this year, perhaps he can continue to have that idea out there. the reason this selloff has to do more with the coronavirus, first of all, it didn't start yesterday. it started on thursday with greater than 1% declines. then the fibers worsened over the weekend, so we had a big selloff yesterday. second, it was a synchronized globalized selloff. i have a hard time believing the kospi is down in korea because of bernie sanders. third, the degree of the stock market selloff -

guy: looking at the market in more detail, here's abigail doolittle. igail: lots of green on the screen. every index you see heading to or having had its best day of 2020. a rowp 500 up two days in as investors are looking past the coronavirus fears and what it could mean for the economy. the best day since october. the dow transports, which have been hit harder since the beginning of the coronavirus, also rebounding. the best day since november. the shanghai composite, it second day reopened after the lunar new year break and the extended break around the coronavirus fears, of 1.3%. since the start of the coronavirus, stocks are down. take a look at this intraday terminal chart in the bloomberg terminal. in yellow, we have the shanghai composite. most of that was that break, but over the time period, down 10%. dow transports in blue, down 4.4%. the s&p 500 in white, down 1.1%. more work to be done, and some technicals our perish here, so it will be interesting to see how it goes in this regime of more than 1% moves. we also rebound for the commodity co

now let's get a check on the markets with abigail doolittle. l: we have the bulls rushing back into stocks, after last week's big slide on run a virus fears. -- coronavirus fears. the thought that it could impact the global economy as well as the u.s. corporate outlook. today and yesterday, investors one back in on stocks. the s&p 500 up 1.7%. the dow transports have slid because of the airlines, transportation aspect of that index, the idea that it could be hit more on a possible clampdown on world travel. china,lso sensitive to bouncing back up 3%. all of this confirmed that investors don't want bonds for a second day in a row. haven bonds selling off. since the real news of the differents, a bit of news. they declined for the major averages in the u.s., but shanghai composite, down 9% over the last two weeks, heading for its worst quarter now since december of 2018, that is true for the dow transportation index. the possibility that travel could be shut off to some degree on a global basis and hurt some of the stocks in that index. its worst

joining us is abigail doolittle. abigail: another down day. official correction, down more than 10%. right now we are off the lows. investors searching for a bottom. what you want to see in a situation like this is a capitulation bottom. the old saying, take the stairs up, take the elevator down is true in this case. when you take the elevator down you need to see the capitulation bottom where all of the fear is washed out and the buyers coming quickly. it felt a little bit like that today but we have not seen the buying yet. you want to see it faster. let's watch into the close. volatility, you can have big down days and pick updates followed by big down days. seems like there is more work to the downside to be done as investors grapple with what this will mean. david: what else should we be looking at? is it bonds? is it the vix? been watchingve the commodity complex, oil in particular. less liquid, selling off well ahead of stocks. investors using that is the indication of the global growth. we have also been watching the dow transports. 25

here is abigail doolittle. is a gateway to the big sector under pressure today and that is tech more specifically the chip sector. worst three day since december of 2018, up about 150% last year as fears that the virus could really have a serious impact on the economy. as for the chips more broadly, seriousrt shows how today is on a relative basis. 4%, headeddown about to its worst date since august of last year, supersensitive to the coronavirus that is dominantly getting asia because that sector is deeply embedded there plus from an outright revenue standpoint. some of these companies are heavily dependent on that region. sellout is not just limited to the chip. sellout is not just limited to the chip. we will look at some of the mega-cap names, apple, microsoft, alphabet, one concern is the huge weighting of these names to the major indexes in the u.s. with the selloff demonstrating that concern. the bigger picture, the action today has done damage to the equity indexes. now down on the year, perhaps this is

thanks to abigail doolittle.next, the united states prepares for a possible coronavirus pandemic. we will speak to a doctor who has been studying the coronavirus for more than four decades. that is coming up. this is "balance of power" on bloomberg television and radio. ♪ david: from new york, this is balance of power. i'm david westin. we go now to mark crumpton. joe biden's struggling presidential campaign got a boost today. he claimed one of south carolina's most coveted endorsements. threwssman jim clyburn his support behind the former vice president. it's three days before south carolina's primary and six days before super tuesday. the pentagon says it needs at least 167 billion dollars over the next five years to strengthen and modernize the u.s. nuclear weapons program. the proposal includes 29 billion dollars for next year, increased gradually to 38 ilion dollars in 2025. the plan reflects a major boost to an effort started under president obama to replace aging nuclear systems. the violence in india has

let's get to abigail doolittle. said it may make a profit by the end of 2020, a year ahead its prior production. you can see the stock up sharply. the stock is now up more than 30% on the year, but since its ipo, shares are still down. that is not true for some of the other so-called unicorn ipos from 2019 and 2020. 142%video is up a stunning , while other well-known names uch as chewy areand up. uber beat top and bottom line estimates, but the bigger story is that they expect to have their first profitable quarter by the end of this year, well ahead of the prior 2021 target. that follows many quarters of being deeply unprofitable in a clear move toward value creation for shareholders. but the strong forecast does not come as a surprise to everyone. in the bloomberg terminal, total call volume on uber over the last nine months or so has really been rising, and especially yesterday, where there is bets hit a record high. this could reflect outright be a hedge ond those who short uber. either way, it is likely to pay o

vonnie: abigail doolittle, very comprehensive. joining all of the shows as she does with great analysis. coming up, "balance of power" with david westin. bloomberg television and radio. this is bloomberg. ♪ david: from bloomberg world headquarters in new york to our tv and radio audiences worldwide, i am david westin. welcome to "balance of power," where the world of politics meets the world of business. we start today with an update on the coronavirus, the story that has dominated the news all week long. we welcome drew armstrong. we want to start with the change the cdc has made on how state and local entities can do their testing. what is the significance? drew: one of the big questions on the minds of health authorities is we know about a handful of cases that have been found from people who return from china. is is the virusis circulating in the united states in various regions or nationally? it is a very mild virus in most people. you're wondering is this out there and we do not know? there has not been widespread surveillanc

over to you, abigail doolittle. ail: take a look at the s&p 500 in the u.s., up just 0.1%, putting in a new all-time high. the dow set a new all-time high, but down fractional i -- but down fractionally. cooling-off just a little bit on this day. it makes sense considering the s&p 500 is on pace for its best week since june. those fires cooling off just a little bit. in europe, the dax up about 0.8%. take a look at the hang seng. it finished up 2.6%. there is some relief that the coronavirus may not be as bad in terms of economic impact as feared. however, we are seeing a big impact on some of the financial market assets. take a look at this chart. on bottom, we have oil down 13%. copper down 8.8%. commodities really getting hit worse, given the fact that china is the world's largest user of natural resources. dow transports in the u.s. down 3.4%. one of the chinese index as down 6%. we have the s&p 500 up slightly, and in blue, those are treasury note futures. that is the big winner, the haven demand over this time.

here's abigail doolittle. s of ford on pace for the worst day since january 2011 amid mixed moves for other car companies. tesla is giving up some of that parabolic move higher that everyone has been talking about recently. profitin on ford, first, outlook could trail the street by 18% on the redesign of the f-series pickup. relative to the december 0.12.er, earnings dropped $ let's put that earnings miss into perspective. it is more than 50% lower than the third-quarter number and almost 75% less in the first quarter of 2019, and is outdone in a big way by the s&p in the first sin second quarters of this year -- the first and second quarters of this year. that does not include any negative impact from the coronavirus. ford is not the only car stuck on the move. tesla is down more than 10% today, but this after a huge parabolic move up higher. we are taking a look at the market value of tesla and white billion.t $160 as compared to the combined market value of ford, gm, and vw at just about $200 billion. the el

abigail doolittle is with us. abigail: we are certainly looking at a risk off tone. s&p 500 in the u.s. headed to its first down week in three weeks. the nasdaq down 1.4%. hang seng was down more than 1%. crude oil, brent crude down more than 2%. investors out of risk assets today. renewed fears around the economicus, plus weak data in the u.s. has sent the 30 year yield down to its lowest level. really pretty incredible at 1.9 percent. if we go into the bloomberg and take a look at one force of pain, the u.s. market data in the u.s., take a look at that. a contraction for the services and overall composite come of the lowest level since 2013. investors really not liking the fact that the coronavirus does appear to be affecting the economic data in the u.s. finally, some of the big movers on the day, both to the upside and downside, deere put up a great quarter. those shares are sharply higher, up nearly 10%. procter & gamble is the next best mover from a points boost. the worst mover for the s&p 500 in sympathy with oil, and we have the shares of microsoft another t

let's hand things over to abigail doolittle. ail: on this monday, we are looking at what is probably a neutral risk appetite. the s&p 500 and the dow transports at this point slightly higher. earlier, i that lower. in europe, we see -- a bit lower. in europe, we see the ftse down. the hang seng down about 0.6%. of course, fears around the coronavirus and what it could mean for the global economy. the impact continues to weigh. bonds are higher on the day. once this started, risks are the decline, bonds winning. crude oil down about 15%, copper down 10%. both of those commodities in a correction. china is the world's largest user of natural resources, so the commodity complex really getting hit. 6%also have the csi 300 down , the dow transports down 4%. on the day, the s&p 500 managing a small gain, but in green, treasury note futures, bonds really doing the best. investors seeking safety during this time of uncertainty and tragedy. --for into residual movers as for individual movers, wynn resorts down again. there macau resort ha

vonnie: i'm vonnie quinn trade let's get to the bloodbath, with the details is abigail doolittle. igail: taking a look at equity indexes, we are down for the sick stay in a row with the s&p 500 in a correction. following the dow transport, down a couple days ago and the 600 and europe, -- the stock 600 and europe -- in -- the stock 600 -- stoxx 600 and europe. downestingly, the me k was , but a lot of the indexes are up, the nikkei is not in correction. more thank at this, 10%, the worst going back to august of 2015. that was that black monday china selloff where we had that huge volatility. we are seeing that today and the s&p 500 has not just followed into a correction, but it's also on the 200 day moving average. if you look at the chart, here in blue is the 200 day moving average, it's a phenomenal move to the downside. had anlong ago, we all-time high for the s&p 500. despite the coronavirus and being out there at this point, investors thinking it was going to be more like stars, but it's more clear that it's not known what the impacts will be on the economy. we are now hittin

here is abigail doolittle.es are soaring after this company shipped a vaccine to the national institute of health for expedited testing. as for the particulars, this is the first to be sent to laboratories. it has been shipped just two months after the virus was first sequence. the institution will test the vaccine on volunteers and testing could begin by late april. there is some promise here. shares of modernity has after the salebeen up, but of 500 million worth of new shares, and at this time net-net the stock is up in 2020. finally, if analysts are right about more upside, could be a head, take a look at this terminal. there is the stock just above $20 per share, so perhaps there could be close to a od percent upside potential this street is a story. the modern that is your stock of the hour. holidayit was a happy for macy's thanks to a last-minute surge. we want to talk about home depot as well, what it says about the --sumer and house are housing. let's start with home depot. we got a pretty strong confi

let's get the details with abigail doolittle. abigail: a bit risk off.ake a look at the global equity indexes around the world. the s&p 500 down for the first time this week, down about 0.4%, the worst day in about a week as investors are now really focusing in on the coronavirus strategy and what it could mean for the global economy. downgraded, down 1%. this risk off tone, investors getting out of stocks to some degree, confirmed by the fact that they are getting into haven bonds. the 10 year yield is down three basis points. from the start of the coronavirus, we have been broadly tracking the breakout. let's take a look at across asset check in the bloomberg terminal. most of these assets are down over this time. on bottom, we have crude oil and copper. china, of course, a big user of natural resources. the shanghai composite down about 5%. the dow transports down 3%. the s&p 500 tied. hit,taking a bit of a unrelated to the coronavirus, take a look at the your over the last year -- the euro over the last year. breaking down to its lowest level in whic

thanks to you, abigail doolittle.ore on the selloff and how it's affecting emerging markets, we are joined by bank of new york mellon's markets rather just wally aiken are -- lale akoner. which areas are looking at the selloff with the most reputation? of course, coronavirus is a human tragedy, and you are seeing in the markets fears of a global pandemic. fears that it will be a u-shaped are covering rather than v-shaped recovery. asia of central banks in are looking to cut rates. we are seeing it happen from china, obviously, malaysia, thailand, singapore, and bank of korea is expected to cut rates. vonnie: how serious could this get? if there is an event that causes another disturbance in the market, could we see something disorderly and maybe even a currency crisis? lale: the way it could trigger a is two ways. chinarst one would be, a financial stability problem that triggers a problem that is already in the financial system in china. then we could see a possible banking weakness coming from china, emanating to gl

you just heard abigail doolittle saying there is more downside and more to come.be looking at a 200 week moving average. do you see this turning around? >> i hate to make the 2008 comparison. i keep being reminded of what was the starting bell of the credit crisis in 2008 which is when the bots came out and said we cannot value mortgage bonds anymore. the reason i bring that up is because so many companies have withdrawn their guidance for the rest of the year that i think the problem for fundamental investors is that they cannot value equity. reality't have enough -- reliable earnings outlook to put into accurate multiple on the market because so many sales and guidance these -- guidances from big companies down to smaller companies have been withdrawn. if you remove that fundamental element from the equation as far , itnvestors valuing markets starts to crumble and it gets harder to identify one that would be trustworthy. that 200 day was a very reliable moving average that tends to turn episodes like this around. that acted as support for 10 minutes this week.

many thanks to abigail doolittle for that report. now we turn to mark crumpton for bloomberg first word news. mark: democratic presidential candidate michael bloomberg faces his rivals in person for the first time tonight in las vegas. he will take part in his first debate. the latest national poll has bloomberg in second place with 19%. bernie sanders leads the way at 31%. bloomberg is the founder and majority owner of bloomberg lp, the parent company of bloomberg news. a senior pentagon official who warned defense department officials against withholding aid to ukraine is stepping down. year thattified last the defense department had not seen enough anticorruption progress to justify releasing the eight congress had authorized. his letter of resignation did not mention ukraine, but said he was leaving at president trump's request. the administration's delay in releasing the aid was central to the president's impeachment. about five hundred passengers left the cruise ship diamond princess at the end of a two month quarantine. the qu

thanks to abigail doolittle for the market check. now we welcome mark crumpton bloomberg first word news. mark: united states plans to united states plans to sign a peace agreement with the taliban a week from tomorrow intended to end the war in afghanistan, america's longest ever. the deal is still contingent on a seven-day long partial cease-fire that begins at midnight. once the agreement is signed, talks will start between the taliban and the afghanistan government. president trump is looking for a permanent national intelligence director. the u.s. to germany richard grenell was the new acting director, what is expected to be a short timer, overseeing the nation 17 spy agencies. the president told reporters he is considering republican congressman doug collins for the job but collin said he is not interested. germany is stepping up the police presence throughout the country. authorities say they will also keep a closer watch on mosques and other sites after racially motivated shootings that killed nine people. shotyear-old german

many thanks to abigail doolittle. we turn now to mark crumpton. mark: as our colleague laura davidson was telling us, president trump virtually guaranteed to win acquittal later today in final senate votes on articles of impeachment. alabama democrat doug jones said he will stick with his party and vote to convict the president on both charges. the decision put jones's reelection at the deeper rest. he is the most vulnerable democrat in the senate up for reelection in a republican leading state. joe biden's third presidential bid is entering a critical stretch after disappointing finish in the iowa caucus. the former vice president says he had a good night in iowa even as he trailed former south bend indiana mayor pete buttigieg and the leading progressive, senator bernie sanders. that has some democrats questioning his contention he will reclaim frontrunner status in the race against president trump. the world health organization says $675 million is needed to help countries handle the expected spread of the coronavirus. the head of the who ackno

here with maurice abigail doolittle. they are down again. yields are down. i understand about half an hour ago i thought things were turning around. what is going on? abigail: this sort of volatility tends to breed more of the same. nobody knows what is ahead. and then theep up sellers come back in. the uncertainty we've been talking around the coronavirus, and as you and max were topping, the idea that in china it seems to be reveling up, but if it -- leveling off, but if it starts to explode around the world we do not know what the situation will be in the u.s.. we were talking monday about traders bracing for something here. the possibility the u.s. corporate profit outlook could be hit. there is not enough certainty for the buyers to step in. technically it appears there is more selling ahead. david: a lot of fear. other any safe havens left? it seems like a lot of them have been bought up. you will seeink bonds continue to go higher. the 10 year yield was confirmed for 1% or below. the yen looks like it will go higher. gold is lower, and that reminds me

good to abigail doolittle -- let's get to abigail doolittle in new york. abigail: the markets selling off in a big way. here in the u.s., a three day slide. this is the worst of those three days. friday, the disappointing pmi number. coronavirus, the that it is primarily in china, that started a selloff on friday. the spread of the coronavirus over the weekend making it pretty clear to investors that we did not know the extent of it. there was a time when many investors and traders were thinking about this as sars. now that we don't know, we can see investors want out of stocks. the nasdaq hit hard. take a look at that stock, down nearly 5%. we take a look at the year to date chart, the dow is down about 2%, the s&p 500 down slightly comedy stoxx down even more. the stoxxlightly, down even more. it is not just the major averages, some of the specialized averages, such as the new york faang index. dow transports down about 3.6% on the year. take a look at the emerging-market index. off we are seeing, extending across asset classes. oil selling off, copper s

abigail doolittle, over to you. abigail: take a look at the u.s. s&p 500 up 1.2 percent after falling nearly 2% on friday, the worst day in quite some time, and the worst week last week since august. the fears around what economic impact could be falling a bit. the dow transports has been down even more than the s&p 500, down on the year about 2%, but a little bit of a bounce back for that index. in europe we see gains. we have some big weakness for some of the asian markets. if we take a look at the shame -- the shanghai composite, the ont session that we had monday was january 23, and the lunar new year plus three days extended over the coronavirus, over this time, an official correction at the lows in the monday session for the shanghai composite, down the most since 2007, but right here the worst since 2015. we are seeing a little bit of a bounce back venting on the asset. a bounce back for copper, breaking a losing streak. where the bigger bounce back is, if we take a look at some of the names related to the coronavirus , take a look at gilead

here's abigail doolittle.n the interesting, wednesday session overall around withlobe, we started off the asian section -- asian sessions being lower in their indexes. the stoxx 600 down once again, it had been flipping higher, down to 6/10 of 1%. all three gains and major averages are up more than 1%. let's put this into the context of the recent selloff. , overallfive day chart volatility with coronavirus fears doing more work on the downside, that seems to be the message of the stoxx 600. we go to the bloomberg terminal, we are looking at the 200 day moving average. the past test has similar slices, a 9% drop in a short period of time, which has produced downside and volatility. this could be bearish for the stoxx 600, and also the s&p 500. let's take a look at the energy complex over the last five days. huge declines for energy on the -- on the coronavirus and it looks like global demand will be cut into. guy: looking at the credit market, that space for energy is very painful. let's look at it in more det

for more let's bring in abigail doolittle. he last time we from the -- abigail: last time we spoke half an hour ago, stocks have made new lows, the worst since 2018. sellers are not relenting at all as this fear grips the market that this coronavirus could really dent the global economy, economic growth, and perhaps will extend beyond a quarter or two. perhaps we will see more companies like apple having to revise their views down. time was a long printer of where folks were comparing it to sars, thinking it was somewhat contained. as you said earlier in the hour, there's a lot of uncertainty here. david: we have talked about why the markets are doing so well when we don't know. it started with asia but then europe really got hit on the equities. this is a continuation of what we have watched over the last 24 hours. abigail: one of the market experts that we talk to frequently talks about the global relay race. it always starts in asia. asia was next. the korea index was down nearly 4%, the worst day since 2018. the virus is re

thanks to abigail doolittle. now we go to mark crumpton in new york for bloomberg first word news. mark: as we have been reporting, bernie sanders has tightened his grip on the democratic party's liberal wing. he turned back challenges by moderate can testers to win the new hampshire primary. sanders received about 26% of the vote. pete buttigieg was a close second, followed by minnesota senator amy klobuchar. massachusetts senator elizabeth warren and former vice president joe biden finished well behind, in the single digits. the cruise ship that was barred from topping in four countries found a place to disembark. the more than 2200 people on board. operator say the vessel will dock in cambodia on thursday. the ship was turned away by thailand, taiwan, japan, and the philippines based on fears those on board could spread a virus that originated in china. the line says there are no confirmed cases on the ship. iskish president erdogan vowing to drive russian backed syrian forces from the last rebel stronghold. erdogan is escalating his threats against damascus after being strength

joining us is abigail doolittle. i see the s&p markets are down. i'm not sure i know where i. -- i know. abigial: there was a selloff around 11:00 a.m., this putting stops on pays for the worst day in about three weeks. withsay this has to do renewed fears around the coronavirus. apparently there is one report that in beijing there has been a huge spike in infection. plus in iran one of the citizens who died, some are saying the government covered up how it was spread within that country. lots of unknown, lots of uncertainty. it is what you and i have been talking about. the bulls who have been pushing stocks higher assume this human tragedy is not going to get worse. the impact on the global economic picture will not get worse. you do not know that when you have these speculative and unfortunate reports. david: it may not get that much worse but it may. abigial: it may. david: there are two sides to the trade. abigial: getting caught off guard right now. yesterday we had the feeling it would not get any worse, and then we had reports coming out an

joining us is abigail doolittle. it is tempting to blame it all on coronavirus. what is going on? abigial: it probably is mainly coronavirus and the fear is priced in. we have the big rally, the best week since june, after last week, the worst since august. all of this on coronavirus fears and what the impact could be on the global economy. this week investors wanting in, comparing the coronavirus to sars and other outbreaks. it is too early to know that it truly is sars. we have the cruise operator stock off the coast of japan and the current account is 61 have contracted the coronavirus. there is some speculation the chinese government is not giving us the true numbers. the tragic side is people are sick and dying. this could give us the true number in terms of what the mortality rate truly is. we initially heard the death toll was quite low, much lower than sars. but now we are hearing over 4%. abigial: in terms of the mortality rate. that could continue to rise. there are lots of smaller outlets speaking of even higher than that. there seems to be lots of speculation in terms

joining us is abigail doolittle. a little bit risk off. abigial: a little bit, but less so than earlier. we are off the lows. the nasdaq is slightly higher. investors looking past these coronavirus numbers, making the continued assumption of the global economic impact is not going to be bad. it will not stretch beyond a quarter or two quarters. for me it is too early to make that assumption, but the facts that we have stocks mildly lower, and the tech heavy nasdaq higher suggest they want stocks to go higher. one one piece -- david: piece of evidence that would support he was commodities. commodities are coming up, which support what you are saying. abigial: commodities are going up. china is the world's largest user of natural resources. it does confirm the idea that investors want in on risk assets. the search for yield. higher,human bonds also so investors cannot make up their mind. bonds are the big winner at this point. stocks are as well. it depends on what -- some investors are hedging against worst-case or a worst-case scenario tha

let's check in on markets with abigail doolittle. abigial: we have a rally once again. more modest gains in earlier this week. who knew a week ago we would be looking at record highs for the dow, the s&p 500, and the nasdaq. those coronavirus fears arising. earnings have been shattered by the macro concerns. twitter is up 17%. it is driving the communication sector higher. they put up a strong quarter. the stables sector is the second best. phillip morris doing well. today earnings are little bit more front and center. david: earlier it was thought the announcement from china that they would cut those tariffs in half would help in the equity market but the bonds were also being bought. i wonder if the bond traders have a different view of the optimism then the equity traders? abigial: bonds inverse to stocks. bonds have been pulling back this week. a low bit of mixed movements for bonds would be traders saying the stock move is huge, we have been selling off bonds but maybe it makes sense to hedge a little bit. not a lot of movement there yet. that would speak to the un

we go to abigail doolittle in new york. abigial: lots of action in the markets. coronavirus fears. waiting for earnings, and around the democratic caucuses in des moines, iowa. taking a look at the s&p 500 and the dow, we see solid gains, but off the highs. a high of more than 1%, headed to the best day since october. this after last week, to august on the fears the coronavirus could impact global economic growth. now the question being to what degree. suggesting there could be a strong degree of impact and it may continue to impact us. take a look at the commodity complex. this has been an area of weakness since the breakout of the coronavirus. the bloomberg commodity index down 1%. --de oil down 2.3 or percent down 2.4%, flirting with a $50 a barrel mark. there was a bloomberg sweep over the weekend saying the china demand for oil is dropping 20% on the coronavirus fears. china overall is the world's largest user of natural resources. that is hitting the commodity complex. not just today, but over the last two weeks. as we look at a comparative chart, we are going to see both are

joe: thank you abigail doolittle, reminding us of the markets perspective. nneant to go back out to jea zaino. so far, it looks like it was a good night for pete buttigieg. at least by one measure. nonetheless, he clearly has problems. example,numbers, for with black voters. is his path to be the nominee even with the good result? uphill i think it is an battle for pete buttigieg. iowa is all about the ground game, all about retail. he did well but he spent a lot of time. four of his major opponents were stuck in washington dc at the impeachment trial. iowa tooe biden had themselves for a bit. first fourond the states to super tuesday, this turns from a ground game to an air game. can he get the money he needs to compete in the air? tuesday, 40% of delegates are up. looking at some of this data, beyond some of the problems the iowa democratic party has releasing this, we were told that enthusiasm was high, energy was high, and turnout was high. 2016, much than lower than 2008. you compare that to donald trump, i think it does pretend to challenge for democra

emily: to tell us more, abigail doolittle in new york. abigail: another brutal day for the markets. it is a four-day market selloff. it intensified on friday when there was a market pmi services miss. showing that the coronavirus in china was already impacted economic data in the u.s. yesterday, the cdc warning. today, another big down day. the dow transports down more officiallythe day, in a correction. thistors want all of before we even had this tragedy, this coronavirus in the u.s.. not if, but according to the cec, when it does hit here in the u.s., that is why we have stocks tumbling. earningsw trade-off of so there is reason to think that the earnings picture will be cut. how long will it happen, that is the unknown. scaringwhat is probably investors. 10 year yield hitting a record low as investors are piling in. 1%,ave bonds confirmed for a number that many folks last year were calling for. since the start of the outbreak of the coronavirus, it is risk off, risk off, and risk off. 14%,llow, crude oil down nower down 10%, the s&p 500 down 6%. what a reversal. on top, you can

let's get to abigail doolittle in new york. >> a lot of red. and i'd be on the close. averages all down more than 4%, there was a rebound rally attempt. turned briefly higher, but that is not how they close. dow transports down nearly 4%. outlines continue to come about the corona virus. you were mentioning that clustering california, also napa county, a number of people are being quarantine. stunning.ly the dow shedding more than 2000 points, its worst week since 2008, investors really nervous on what this could mean for the corporate profit outlook, we have been talking about this weekend we have already had the ears on companies cutting profits around asia, but if it really extends to the u.s., and it gets really bad, and that is shown by the chart we have in the brumberg model, the s&p 500 today slightly below the 200 day moving average, and the less time it has gone below the 200 a average or around the 208 moving average, it has been successful and buyers have stepped up, nutso in 2018 when we had the selling and her team today in our cross and in it and ended wh